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Aug 17 - 04:55 AM

EUR/USD - COMMENT-A EUR/USD Correction Is Inevitable

By Jeremy Boulton  —  Aug 17 - 03:20 AM

There will be a EUR/USD correction.
It is not a question of if, but when.

The greater the bet on a rally becomes, the longer the correction is likely to last.
Bets on a rise have never been larger and continue to grow.

Despite the growth of the bullish position, EUR/USD has stalled nL1N2FJ04H.

The pair hit 1.1908 on July 31 and has managed a 1.1916 best since, while dipping as low as 1.1695 on Aug.
3 and 1.1711 since the 1.1916 high traded.
Upside progress amounts to 8 pips.
The two pullbacks measure 213 pips and 205 pips respectively.

Judged by that, it seems those who are prepared to sell strength are more likely to profit but traders keep buying at a remarkable pace.
They have doubled a EUR 12 billion bet since the middle of July.
In July EUR/USD soared from 1.1185 to 1.1908.
EUR 5.6 billion has been added in August.

A drop to 1.1427 would correct the rise from March's low.
A reverse to 1.1630 would correct the rise from June's low.

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Source:
Refinitiv IFR Research/Market Commentary

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